The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.

The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.

Approval of the Application by New York Community Bancorp, Inc.

July 8, 2005

NEW YORK—The Federal Reserve Bank of New York Tuesday approved the application by New York Community Bancorp, Inc., Westbury, New York, to acquire, through its wholly owned subsidiary, New York Community Bank, Flushing, New York, 100 percent of the voting shares of New York Commercial Bank, Flushing, New York.

According to standard procedure, the proposal cannot be completed sooner than 15 days, or later than 3 months, from the date of this announcement.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.